Owens Corning announces purchase of facility in China
Toledo, Ohio-based Owens Corning has announced a deal to purchase a bushing facility in China.
Accoding to Owens Corning, the purchase provides a footprint to serve the fastest-growing glass fiber region in the world.
Owens Corning struck a deal with Tanaka Kikinzoku Kogyo K.K and Tanaka Kikinzoku International K. K. (collectively referred as "Tanaka") to purchase Tanaka Kikinzoku (Suzhou) Co. (TKS). TKS is a producer of glass fiber bushings and other parts, which serve various glass industries in China and has been operating since 2006. TKS will become a part of Owens Corning GlassMetal Services, a wholly owned business unit, which makes glass fiber bushings and related parts for the glass fiber industry.
This purchase only involves Tanaka's TKS business. Both Owens Corning and Tanaka have other bushing business concerns globally.
"The acquisition of TKS gives Owens Corning the ability to better serve China, which is the largest and fastest-growing glass fiber country in the world," said Arnaud Genis, Owens Corning Composite Solutions Business president.